As per the binding authority contracts, all coverholders must record and monitor details of the risks they write and premiums payments and report these to London in a manner and/or format agreed with the underwriter.
Coverholders, and TPAs, with claims authority must also record and monitor details of claims and report details of these. In some territories coverholders also need to report directly to the local Lloyd’s office.
Lloyd’s vision is to make the flow of information consistent through the implementation of Lloyd’s Coverholder Reporting Standards.
The standards are intended to make it easier for coverholders to work with the Lloyd’s market by providing a clear statement of the information coverholders and TPAs need to provide whilst leaving market participants free to choose their own systems and technologies.
The standards are intended to increase automation. The standards will lead to more standard information flows and provide a consistent list of requirements around which processes and systems can be designed; and so reduce the need for re-keying and manual intervention.
Lloyd’s has reporting standards for coverholders, and TPAs, to report premiums, including core risk information; claims; US property risk exposures (ER3001) and UK employers’ liability class specific underwriting information (ELTO).
The new user guide (version 4) provides full details of the standards, and section 1 provides full details of the changes to the premium standard. The introductory sections of the user guide have been updated including an introduction to ACORD XML. There are also new sections introducing the requirements of the new binder wordings and the requirements for coverholders to report to local offices.
Full details of the standards including the user guide, spreadsheet templates and links to ACORD XML are provided here.